CEO Says He Fired Entire HR Team for ‘Creating Problems That Didn’t Exist’

Ryan Breslow, CEO of the fintech company Bolt, recently stirred controversy with remarks made at a Fortune magazine conference in Atlanta. During his address, Breslow defended his decision to fire the entire human resources team, asserting that their presence had been more detrimental than beneficial to the company’s operations.

Breslow, who co-founded Bolt in 2014, claimed that the HR team contributed to an environment rife with non-existent issues which subsequently vanished following their termination. “We had an HR team, and that HR team was creating problems that didn’t exist,” he stated at the Workforce Innovation Summit on May 19. His comments reflect a significant shift in the company’s culture, which he believes was becoming unproductive.

In a wider restructuring initiative, Breslow revealed that Bolt underwent a 30% reduction in its workforce in April as part of efforts to stabilise the company. He emphasised the need for a more efficient operation, stating, “We need a group of people who are very oriented around getting things done.” He expressed concerns about a culture of complacency that had developed within the organisation.

The statement comes amid a troubling decline in Bolt’s business fortunes. Once valued at around £11 billion in 2022, the company has faced substantial challenges, with its valuation plummeting to approximately £300 million by 2024. After a brief hiatus from his role, Breslow returned to the helm of Bolt in 2025, asserting that a “start-up mentality” was needed to reinvigorate the firm.

Breslow reflected on the impact of the HR team’s departure, noting an immediate positive shift within the organisation. “We have a team a quarter of the size, who are much more junior, who work a lot harder, who have better energy,” he remarked, indicating a significant change in employee morale and productivity levels. This revitalisation was reflected in customer feedback, with clients noting a newfound attentiveness from the team, something that had been lacking in previous years.

Through these changes, Bolt is recalibrating its focus on leveraging artificial intelligence at its core. This transition signals a strategic pivot towards more modern and efficient operational practices within the company. Breslow clarified the necessity of a streamlined people operations team, focusing on training and enhancing employees’ abilities rather than merely maintaining traditional HR functions.

He pointed to a past culture where entitlement had taken root among employees, suggesting that this sense of entitlement had led to a lack of motivation and dedication. “There’s a sense of entitlement that had festered across the company,” he observed, clearly indicating that this mentality had contributed to Bolt’s previous struggles.

As Bolt embraces its new direction, it remains committed to its founding mission of “democratising commerce.” The company has pioneered a SuperApp that allows users to send and receive money, earn rewards, and trade cryptocurrency, aiming to make commerce more accessible to a broader audience.

Despite the turmoil and the bold decisions taken, Breslow appears optimistic about the future direction of Bolt. He believes that the changes implemented will allow the company to reclaim its position in the market, not only in terms of valuation but also in its operational capabilities. As Bolt continues to navigate the complexities of the fintech landscape, it will be interesting to see how these adjustments influence its performance in a rapidly evolving sector.